Christopher E.S. Warburton


Christopher E.S. WarburtonChristopher E.S. Warburton holds a PhD in international economics from Fordham University in New York. He currently teaches undergraduate and graduate courses in economics at John Jay College of the City University of New York. His research interests include international trade law, exchange rate valuation, macroeconomic performance, and economic integration, including optimum currency areas. He has authored several papers and books including: ‘Globalization and structural unemployment in the US manufacturing sector’, ‘International trade law and trade theory’, Essentials of Finance and Forensic Economics, and The Delicts and Criminal Laws of International Economic Relations.

Papers Published in World Economics:

The Limits of Monetary Treaty

This paper examines the viability of monetary treaty. Using time series data, estimates of trade masses, trade trend ratios and the trade accumulation coefficient, it finds that the European monetary union is trade-creating. Descriptive statistics indicate that internal trade has been asymmetric and that a substantial amount of intra-European union real income has been transferred to non-members. The internal trade imbalances threaten the growth and welfare of the deficit members. In the absence of reciprocal intra-European Union trade and structural changes required to offset unemployment, the vitality of the union and the irrevocably pegged currency are severely compromised. The paper concludes that the trade-creating effects of the union is a necessary but insufficient condition for the preservation of the monetary treaty as it is presently constructed.

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